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The Coase Theorem and Planning for Sustainable Development

Abstract: 
This paper discusses the potential contribution and limitations of the Coase Theorem to the theorisation of sustainable development. The Coase Theorem can be manifested in numerous ways beyond the hypothetical example of direct negotiation between the polluters and the pollutees. Sustainable development not only provides a negotiative context, an infrastructure where compensation in the Coasian sense can be mode, but also a framework for transforming negative externalities into positive externalities, as illustrated by a real life example from Canada. Central to the framework is a change in the mindsets of parties to a negotiation and Schumpeterian innovations. The Coase Theorem and Planning for Sustainable Development (PDF Download Available). Available from: https://www.researchgate.net/publication/250277043_The_Coase_Theorem_and_Planning_for_Sustainable_Development [accessed Oct 30 2017].
Author: 
Lawrence Wai-Chung Lai and Frank T. Lorne
Institution: 
The Town Planning Review
Year: 
2017
Input By: 
Thulith Edirisinghe
Affiliation: 
MIT undergraduate
Industry Focus: 
Extraction & Processing
Chemical
Datatype(s): 
Case Studies
Policies
Theory/Definition